5 Tips for Saving Money on Home Insurance in Ontario
Home insurance – we all need it. It is a critical and necessary expense for every homeowner out there, as it offers protection for our assets and investments. But finding the right home insurance policy can be a challenging affair. You want a plan that provides the coverage you need, but you also want to save as much money as possible doing so!
The good news is that it is possible to save money on your home insurance plan in Ontario, and all it takes is a bit of extra effort and planning. Want to learn more? Keep reading to find our top 6 tips for saving money on your home insurance plan.
1. Get a credit check
It will also be worthwhile to let your insurance agent run a credit check on your finances. It may seem intrusive, but this is an effective way to lower your insurance rates.
A good credit score and history can reduce your insurance premiums. That’s because agents are evaluating your financial background to determine your financial stability. Healthy finances indicate that you’ll be less likely to file a claim. Thus, if you have a good credit history and score, be sure to let your insurance provider know to reduce your overall costs.
2. Increase your deductible
Home insurance policies typically have a standard deductible. Deductibles can vary based on your provider, who will typically offer a couple of deductible options based on your home insurance plan. Many homeowners choose to opt for the lowest deductible possible, as they believe it will provide more savings.
The reality is that insurance companies often have surcharge policies in exchange for the lower deductible. Insurance companies aim to cater to ‘bigger’ losses instead of small claims or maintenance. Your premiums will significantly reduce if you indicate you are willing to pay for small claims by opting for a higher deductible.
3. Bundle your home and auto insurance
Buying your home insurance from the same provider as your auto insurance is another way you can reduce insurance expenses. Insurance companies often offer multi-line discounts or ‘bundle’ discounts. Buying more than one insurance coverage from the same provider can get you a discount on both policies. Be sure to ask your provider what discounts they are prepared to offer you if you combine both policies.
4. Keep your home updated
It will be critical that your home is problem-free and well updated. Any issues in your home could lead to you taking out a claim, meaning you lose claims-free discounts. By keeping your home updated you reduce the likelihood of damages occurring, which in turn, reduces your policy’s premiums.
Start by taking stock of your home and checking all high-use elements properly. For example, rotting stairs, leaking roofs, broken water heaters, and other issues can lead to injuries and expensive repairs. Getting them fixed upfront and as soon as possible will reduce the likelihood of the problem getting out of control. Getting regular pest inspections and keeping your alarms in good shape will also go a long way in preempting any issues down the line.
5. Improve security
Many insurance providers also offer discounts for well-secured properties. By having fire and burglar security systems installed, you’re reducing the chances that your home and personal items get damaged. The same can be said for installing smoke and carbon monoxide detectors, since they reduce the risk your home faces, they reduce the riskiness of you making a claim in the future.
By showing your insurance company that you have taken these measures, you may be eligible for a discount. However, it will be prudent to check with your agent on which qualifications receive a discount before making any purchases.
We hope this article proved helpful in saving money on your home insurance costs! Try incorporating these tips into your plan and watch the savings add up.
If you’re looking for coverage that protects your assets while reducing your expenses, be sure to check out Goodison Insurance. We offer a wide range of policies to ensure you get the best bang for your buck. Want to learn more? Request a quote on our website to see how much you can expect to pay and additional coverage details.